On behalf of Cooper & Tanis, P.C. posted in divorce on Wednesday, November 4, 2015.

In a marriage, one or both parties may find that a successful business venture becomes a challenging influence on the relationship. In some cases, spouses drift apart and find that divorce is the only practical step to take. However, dealing with divorce may be worrisome because of a business success. High-profile cases make it seem as if all entrepreneurs can expect to lose everything during divorce. Fortunately, this is rarely the outcome.

In filing for divorce, acting too quickly could be costly. It is better to do one’s research about divorce, especially in cases involving valuable business interests, before actually consulting a lawyer. Treating that action as a type of business deal may be helpful for minimizing emotional decisions. A business owner should have a good idea of the value of the company. Additionally, it is wise to be sure that all personal financial information is organized. Copies of relevant files and accounts can be helpful in the initial stages of planning for the process.

This early stage of divorce planning is also an excellent time to evaluate the role of the other party in the company. If that individual is very involved, it may be necessary to consider options for buying out their interests. Otherwise, that party’s decision to sell their shares at a later date could have unexpected consequences as an unknown party becomes involved with the company.

Once the decision has been made to move forward, a reliable legal and professional team can be important for ensuring that financial information is handled clearly and appropriately in accord with one’s goals. A lawyer may help in negotiating asset division to ensure that the other spouse is no longer involved in the client’s company. In other cases, a lawyer might help to ensure that guidelines are established in case a spouse wishes to sell off their interests in the company at a later date.